Running a home business can be a great way to balance your work and home life. It gives you the flexibility to set your own hours and you don’t have to spend hours each week commuting to and from work. Many different types of business can be run from home. Here are some ideas to consider before you get started.

Consider your own passions or needs - and create a product or business you care about. The best products solve a problem or fill a need. Look at problems that need solving in your own life, and think of products that might solve them. Chances are, if you experience a certain type of problem, many others do too.

Before starting prepare a business plan. It enables you to logically consider factors such as the market, competition, your strengths and weaknesses, projected cash flow and future growth opportunities. If need be, seek out professional input from an accountant or lawyer, who can be objective and provide insights into the business and regulatory framework that you had not considered. Also, if you are going to seek bank finance or outside investment, you will need a robust business plan in place before anybody is going to consider advancing you money.

Nearly every business these days requires a website, which means you need banners and logos for the site, as well as content. Website creation can usually be outsourced to a freelance designer; alternatively there are online providers like SquareSpace now available. Whatever design or look you use for your website, carry this design through to your business cards, stationery, post cards, and fliers.

If you are not comfortable handling finance or managing the bookkeeping, hire a local accountant to assist you. They will manage, on your behalf, any tax and other filings that need to be prepared, and will make sure you stay on the right side of the law and the fiscal authorities.

If you are not tech savvy, find somebody who can trouble shoot IT support as, and when, you need it. Being offline for any length of time could harm your business, so make sure you are sufficiently covered in this area.

Create a back-up plan in case things go wrong. If you are collecting customer data, be sure you have a data backup plan such as an external data storage site. If you are storing physical products for sale, make sure you have adequate insurance coverage in case of damage or theft. Consider the problems relevant to your particular business and plan accordingly.

Running a business from home can be a great way to effectively balance your work and home life. With the right planning and frameworks in place, you can enjoy the benefits and mitigate the challenges of this new way of life.